Bill Summaries: S267 BUNCOMBE 1/4 CENT SALES TAX USE RESTRICTION.

Tracking:
  • Summary date: Jun 8 2020 - More information

    AN ACT TO RESTRICT THE USE OF THE QUARTER-CENT SALES TAX PROCEEDS IN BUNCOMBE COUNTY FOR COMMUNITY COLLEGE NEEDS AT ASHEVILLE-BUNCOMBE TECHNICAL COMMUNITY COLLEGE. SL 2020-9. Enacted June 8, 2020. Effective for the fiscal year beginning July 1, 2019.


  • Summary date: Jun 25 2019 - More information

    Senate committee substitute makes the following changes to the 2nd edition.

    Modifies the proposed restrictions on the use of the 1/4 cent sales tax proceeds in Buncombe County, which prioritize uses for community college needs as follows. Requires the County to appropriate to an eligible community college, with the highest priority, for each fiscal year the amount necessary to satisfy the debt service obligations existing as of March 12, 2019, for construction and improvements of real property owned by an eligible community college and to real property by the county if directly related to services and educational programs offered by the community college (was, an amount equal to the college's debt service obligations for that fiscal year). Concerning the $2 million amount that must be appropriated to the reserve for the benefit of an eligible community college, establishes that those funds unexpended and unencumbered as of the expiration date of the act (June 30, 2027) are to be used for new construction of or repair and improvements to real property owned by the eligible community college or to retire any indebtedness incurred by the county for those purposes. Requires the remainder of the proceeds to be used for new construction of or repair and improvements to real property owned by an eligible community college or to retire any indebtedness incurred by the county for those purposes (was, to be used in conformity with Article 46, GS Chapter 105, subject to voter approval). 


  • Summary date: Jun 13 2019 - More information

    Senate committee substitute to the 1st edition adds whereas clauses.


  • Summary date: Mar 14 2019 - More information

    Sets restrictions on the use of the 1/4 cent sales tax proceeds in Buncombe County, prioritizing uses for community college needs as follows, applicable for the fiscal year beginning July 1, 2019. Sunsets the provisions June 30, 2027. Requires the County to appropriate to an eligible community college, defined as a community college with a main campus located in the county: (1) for each fiscal year an amount equal to the college's debt service obligations for that fiscal year; (2) a deferred capital repair amount to be used for deferred capital repairs and renovations needs, in the specified amounts for fiscal years 2019-27; (3) for each fiscal year an amount up to $5 million annually for operating expenses; and (4) a reserve of $2 million for the benefit of the college, with use restricted to repairs and renovations necessitated by damage from an unexpected emergency occurrence, whereby the county must restore funds disbursed the succeeding fiscal year. Provides for the remainder of the tax proceeds to be used in conformity with Article 46, GS Chapter 105, subject to voter approval.


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